Combineering delivered the best annual financial statements ever in 2021, with both record profit and record revenue. For four decades, we have developed and implemented standardised solutions for converting waste into new resources. As a result of increasing demand for green transition, the order book is bursting up to 2025.
The increasing demand for green transition in Denmark, and around Europe and globally, has caused a growth spurt at Combineering, which emerged from 2021 with its best ever profit and record revenue.
The annual financial statements for 2021 show a profit of DKK 9.9 million, against DKK 2.3 million in 2020, while revenue grew by 25% to DKK 207 million, compared to DKK 165 million the year before.
“Waste has been our most important resource for almost four decades. We’re proud of this because we can both help make a positive difference to the climate and at the same time run a growth business with almost inexhaustible potential. The more tonnes of waste we recycle, the more our business grows,” says Kim Bjørn Christensen, CFO of Combineering.
It is a combination of continued stricter legal requirements for waste management and the generally growing pressure for green transition away from fossil energy that has led to a growth in demand for Combineering’s solutions.
Waste specialists for four decades
For four decades, Combineering has specialised in giving waste and residues from companies new life in the form of new raw materials and resources. Combineering acts as the responsible buyer of companies’ waste and then ensures sound and sustainable production of the new resources. These are then matched with companies that have a demand for the end product, and overall this leads to large CO2 reductions.
“We’re a development company and based on legislation we develop circular solutions. And because we operate across sectors, we can transform a company’s waste into a new, alternative resource in a different type of enterprise,” says Carsten Park Andreasen, CEO of Combineering.
The fact that waste from virtually all sectors has developed into good business for Combineering comes as no surprise to the CEO, who joined in 2016 and has since been central in implementing the subsequent years’ generational change at the company.
“We’ve spent decades developing standardised solutions in circular waste management – even before it became an area under great scrutiny. That’s why we now have the technical solutions ready on the shelf, as well as the expertise to comply with legislation, for example when it comes to handling waste across national borders. Given our history, two years ago we were able to set a long-term strategy for growth and expansion of our activities up to 2025, and today we’re already ahead of schedule,” says Carsten Park Andreasen.
The growth continues
Going forward, Combineering expects average growth of 40-45% in revenue and has secured good long-term contracts.
Regarding the annual financial statements for 2021, Carsten Park Andreasen particularly notes that the company has succeeded in producing the excellent results in parallel with the strategy for growth. EBITDA before special items increased to DKK 14.2 million in 2021, against DKK 9.8 million in 2020. Likewise, liquidity grew extraordinarily from DKK 6.3 million in 2020 to DKK 20.3 million in 2021. Combineering currently has around 40 employees and over 200 customers in more than 25 countries.